Stifel Nicolaus Raises Semtech (NASDAQ:SMTC) Price Target to $75.00

Semtech (NASDAQ:SMTC) had its price objective increased by Stifel Nicolaus from $65.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also issued reports on the stock. B. Riley raised their price target on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Northland Securities lifted their price objective on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and issued a $75.00 price target (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Finally, Craig Hallum upped their price objective on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.70.

Semtech Stock Performance

Shares of SMTC opened at $67.60 on Monday. Semtech has a fifty-two week low of $18.16 and a fifty-two week high of $70.27. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of -5.18 and a beta of 1.65. The firm has a 50 day moving average price of $58.70 and a 200-day moving average price of $45.29.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the business posted $0.02 earnings per share. The company’s revenue was up 17.9% on a year-over-year basis. As a group, equities research analysts predict that Semtech will post -0.01 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Imran Sherazi sold 2,946 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 6,114 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the sale, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,419 shares of company stock worth $676,955 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SMTC. Natixis Advisors LLC purchased a new stake in shares of Semtech during the 2nd quarter valued at about $531,000. Arizona State Retirement System boosted its stake in shares of Semtech by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after buying an additional 407 shares during the last quarter. Quest Partners LLC grew its holdings in shares of Semtech by 1,234.4% in the second quarter. Quest Partners LLC now owns 12,290 shares of the semiconductor company’s stock worth $367,000 after acquiring an additional 11,369 shares during the period. Texas Permanent School Fund Corp increased its position in Semtech by 9.7% during the second quarter. Texas Permanent School Fund Corp now owns 61,486 shares of the semiconductor company’s stock valued at $1,837,000 after acquiring an additional 5,433 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Semtech in the second quarter valued at about $153,000.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.